Ragtime Company had the following information for the year: Direct materials used: Direct labor incurred (5,350 hours) Actual manufacturing overhead incurred $113, 100 $158,000 $175,400 Ragtime Company used a predetermined overhead rate of $44 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,400. What was cost of goods manufactured?

Ragtime Company had the following information for the year: Direct materials used: Direct labor incurred (5,350 hours) Actual manufacturing overhead incurred $113, 100 $158,000 $175,400 Ragtime Company used a predetermined overhead rate of $44 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,400. What was cost of goods manufactured?

Name: Ragtime Company had the following information for the yearDirect mate
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Description: Ragtime Company had the following information for the yearDirect materials used:Direct labor incurred (5,350 hours)Actual manufacturing overhead incurredRagtime Company used a predetermined overhead rate of $44 per direct labor hour for the year. As

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PA: During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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